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BP’s Oil and Gas Production Down 2.5% Quarter-to-Quarter; Fourth Straight Decline
3 July 2006
BP’s production of crude oil and natural gas dropped 2.5% in the second quarter of 2006 compared to the same period last year, according to provisional data in the company’s Trading Update. Final numbers will be reported on 25 July 2006.
This provisionally marks BP’s fourth-straight quarterly decline in production. BP produced 4.01 million barrels of oil equivalent (crude oil, liquids and natural gas) per day in the second quarter of 2006, 2.5% less than the 4.112 million a day it produced a year earlier.
Of that 4 million boed, however, 1 million was from the TNK-BP joint venture in Russia, which increased its output from 994 million boed from the year-before period. Excluding TNK-BP production, output thus dropped 3.5% quarter-to-quarter, from 3.118 million boed in 2005 to 3.01 million boed in 2006.
BP attributed the decline partly to changes in equity ownership in Venezuela as the country under its nationalization program appropriates more output. BP has stakes in four projects in Venezuela.
July 3, 2006 in Oil | Permalink | Comments (4) | TrackBack (0)
Comments
Posted by: Tripp Bisop | July 03, 2006 at 11:21 AM
the time is coming, the warning signs will strike and the public will be in fear again.
Unless they do something like I do, get a 5spd and start hypermiling.
Posted by: philmcneal | July 03, 2006 at 01:19 PM
Lighten up, Francis.
Posted by: Bill Murray | July 03, 2006 at 02:51 PM
Hypermiling! A nice practice, but conceptually the same as driving. Although, I do know a guy who gets better gas mileage in his Ford Escape Hybrid than I do on my 400cc motorcycle! Just out of curiosity, if you call driving your call for maximum efficiency 'Hypermiling', could you call riding a bicycle 'infinimiling'? I've still yet to hit empty in the three years I've had my current bicycle, and I've logged about 6,500 miles on it. THAT's efficient.
Posted by: Bike Commuter Dude | July 03, 2006 at 02:56 PM
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"which increased its output from 994 million boed from the year-before period" that's almost 1 billion boed, which is a touch high. Should that be 994 thousand boed? That would seem more reasonable.